Miami Developer Buys Historic Brickell Avenue Estate

One of the few remaining historic estates on Miami’s Brickell Avenue has been purchased with plans for renovation.

Miami-based real estate development firm Ytech bought the mansion for an undisclosed amount at 1500 Brickell Ave., which is in the area formerly known as the Millionaires’ Row neighborhood. Stuart Kapp of KappMorrison in Boca Raton represented Ytech in the transaction.

Although Ytech did not disclose exact plans for the estate, the firm said it will complete a multimillion-dollar restoration and renovation of the property, which is expected to be complete by the first quarter of 2023. 

Ytech CEO Yamal Yidios said the acquisition of the property underscores the company’s commitment to the Brickell area, which he considers the epicenter of growth in Miami. The estate joins Ytech’s portfolio of other addresses in Brickell, including 1428 Brickell Ave., 1548 Brickell Ave., and 75 Broadway.

Yamal Yidios, CEO of Ytech, a Miami-based real estate development firm. Yamal Yidios, CEO of Ytech, a Miami-based real estate development firm.

“The restoration will bring to life the significance of this historic property, which when complete will serve as a complement to our luxury residential development efforts in Brickell,” said Yidios in a press release. 

Ytech has more than $3 billion in residential projects in the development pipeline in the Brickell area. 

As Brickell continues to be a hub for new-to-market businesses and the employees they attract, rents continue to be 33% higher than the average price in Miami, according to RentCafe.com. According to the site, the average rent in Brickell is $3,068 a month compared with $2,908 in downtown Miami. 

The property, which was built in 1931,  is referred to as the Château Petit Douy. The architect was inspired by a priory in Saint Julian, France, and designed the house in a period revival architecture style common in America during the first half of the 20th century. 

The property gained its historic designation status in 1983. 

Over the course of 16 years, Ytech has redeveloped more than 7,000 apartments in 25 submarkets across the country’s Southeast areas with more than $2 billion in capital. 

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